Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investment income:        
Total interest and dividend income, excluding PIK interest income $ 115,936 $ 102,262 $ 218,035 $ 208,144
Total PIK interest income 13,635 15,267 27,108 25,164
Total interest and dividend income 129,571 117,529 245,143 233,308
Total fee income 7,888 7,477 11,827 13,251
Total investment income 137,459 125,006 256,970 246,559
Operating expenses:        
Interest 22,930 19,162 42,628 36,786
Loan fees 2,747 2,346 5,145 4,743
General and administrative 5,103 4,481 9,915 9,539
Tax expenses 1,068 1,754 1,980 2,465
Employee compensation:        
Compensation and benefits 16,664 14,414 30,578 30,758
Stock-based compensation 3,662 3,343 7,264 6,477
Total employee compensation 20,326 17,757 37,842 37,235
Total gross operating expenses 52,174 45,500 97,510 90,768
Expenses allocated to the Adviser Subsidiary (3,449) (2,852) (6,732) (5,729)
Total net operating expenses 48,725 42,648 90,778 85,039
Net investment income 88,734 82,358 166,192 161,520
Net realized gain (loss):        
Loss on extinguishment of debt (21) 0 (36) 0
Total net realized gain (loss) (57,637) (5,784) (59,193) 2,384
Net change in unrealized appreciation (depreciation):        
Total net change in unrealized appreciation (depreciation) 47,790 (34,722) 22,225 (31,088)
Total net realized gain (loss) and net change in unrealized appreciation (depreciation) (9,847) (40,506) (36,968) (28,704)
Net increase (decrease) in net assets resulting from operations $ 78,887 $ 41,852 $ 129,224 $ 132,816
Net investment income before gains and losses per common share:        
Basic (in dollars per share) $ 0.50 $ 0.51 $ 0.95 $ 1.01
Change in net assets resulting from operations per common share:        
Basic (in dollars per share) 0.44 0.26 0.74 0.83
Diluted (in dollars per share) $ 0.43 $ 0.25 $ 0.73 $ 0.82
Weighted average shares outstanding:        
Basic (in shares) 176,809 160,748 173,231 159,096
Diluted (in shares) 190,777 161,309 182,159 159,614
Distributions paid per common share:        
Basic (in dollars per share) $ 0.47 $ 0.48 $ 0.94 $ 0.96
Non-control/Non-affiliate investments        
Investment income:        
Total interest and dividend income, excluding PIK interest income $ 113,120 $ 99,314 $ 212,116 $ 202,239
Total PIK interest income 13,083 14,758 26,022 24,655
Total fee income 7,847 7,441 11,747 13,179
Net realized gain (loss):        
Non-control/Non-affiliate investments (57,616) (5,784) (59,157) 2,384
Net change in unrealized appreciation (depreciation):        
Total net change in unrealized appreciation (depreciation) 48,626 (33,216) 21,084 (26,753)
Control investments        
Investment income:        
Total interest and dividend income, excluding PIK interest income 2,816 2,948 5,919 5,905
Total PIK interest income 552 509 1,086 509
Total interest and dividend income 3,368 3,457 7,005 6,414
Total fee income 41 36 80 72
Total investment income     7,085 6,486
Net realized gain (loss):        
Non-control/Non-affiliate investments 0 0 0 0
Net change in unrealized appreciation (depreciation):        
Total net change in unrealized appreciation (depreciation) $ (836) $ (1,506) $ 1,141 $ (4,335)